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Company Overview of Wells Fargo Corporation

Company Overview

Wells Fargo Corporation operates as a financial holding company that provides commercial and retail banking services in the United States and internationally. The company’s deposit products include savings, NOW, money market, and interest-bearing checking accounts; non-interest-bearing; and consumer time deposits. Its loan portfolio comprises commercial, financial, and agricultural; real estate construction; lease financing; and real estate secured; student; and installment loans. The company also offers corporate lending and commercial leasing services. In addition, it provides investment banking services such as equities, merger and acquisition advisory; interest rate, leveraged finance, h...

Wells Fargo Corporation operates as a financial holding company that provides commercial and retail banking services in the United States and internationally. The company’s deposit products include savings, NOW, money market, and interest-bearing checking accounts; non-interest-bearing; and consumer time deposits. Its loan portfolio comprises commercial, financial, and agricultural; real estate construction; lease financing; and real estate secured; student; and installment loans. The company also offers corporate lending and commercial leasing services. In addition, it provides investment banking services such as equities, merger and acquisition advisory; interest rate, leveraged finance, high grade, structured, and non-dollar products; and invests in private equity securities, mezzanine securities, and funds. Further, the company provides treasury management products and services, and international trade services. It manages domestic and international correspondent banking operations. Additionally, Wachovia Corporation offers wealth management services comprising private banking, personal trust, investment advisory, charitable, financial planning, and insurance brokerage; and capital management products and services such as stocks, bonds, mutual funds, fixed and variable annuities, reinsurance, asset management accounts, and other investment products and services; and asset management services comprising mutual funds, customized advisory, and defined benefit and defined contribution retirement services. The company was formerly known as First Union Corporation and changed its name to Wachovia Corporation in September 2001. The company was founded in 1879 and is headquartered in Charlotte, North Carolina. As of December 31, 2008, Wells Fargo Corporation operates as a subsidiary of Wells Fargo & Company.

President of Wachovia Mortgage & Retail Credit, Chief Operating Officer of Mortgage Business and Chief Administrative Officer of Mortgage Division

Compensation as of Fiscal Year 2015.

Wells Fargo Corporation Key Developments

Wells Fargo & Co. and Homeowners to Battle in Court

Dec 10 14

Homeowners claiming that Wells Fargo & Co. overcharged them are taking the company to court, seeking $629 million The suit is related to mortgages that were owned or serviced by HomEq Servicing, or those managed by Money Store. Joseph Mazzei filed the suit in 2001, claiming borrowers were charged monthly late fees by HomEq even if their mortgages were already in default. The lawsuit is also claiming that HomEq divided attorneys fees in foreclosure and bankruptcy with a unit of Fidelity National Information Services Inc., an act cited in the lawsuit as being both illegal and a violation of its contract.

HSBC Holdings Plc and Wells Fargo & Co. have agreed to settle class-action lawsuits by borrowers over force-placed insurance on their properties. HSBC is paying as much as $32 million under the proposed settlement agreement filed February 28, 2014, in a federal court in Miami, while Wells Fargo has not disclosed the amount it is paying under the settlement agreement filed March 5. The plaintiffs accused the companies of charging higher rate premiums on their property insurance.

Wells Fargo & Co. to Break Ground on the $125 Million Expansion Project of its Regional Campus in Chandler

Dec 4 13

Wells Fargo & Co. announced that it set to next week on the $125 million expansion project of its regional campus in Chandler. The project calls for two four-story buildings totaling 410,000 square feet of office space, a meeting and event center plus a café. It will double the campus space and employee capacity, which is about 2,500 now. The buildings will provide room for 2,500 additional team members, giving the company the ability to relocate team
members and the flexibility for growth. The company will hold ceremony at the site - 2600 S. Price Road - at 10 a.m. on December 11, 2013.

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